ABC Arbitrage (ABCA) H1 2026 earnings summary

Executive summary

• Net income for H1 2026 reached €26.0m, up 47% year-over-year, with EPS at €0.44, also up 47% compared to H1 2025.

• Quantitative asset management focused on arbitrage, with 31+ years of profitability and average ROE above 15%.

• Operates 40+ strategies across nearly 100 global exchanges, with P&L correlated to volatility, M&A, and market volumes.

• H1 2026 marks the first semester of the Momentum 2028 strategic plan, targeting growth in external AUM and consistent double-digit returns.

• The group benefited from heightened volatility and trading volumes, especially during Q1 2026 amid geopolitical tensions and energy shocks.

Financial highlights

• Net revenues for H1 2026 reached €51.0m, up 39.9% year-over-year.

• Net income attributable to equity holders was €26.0m, up 46.9% year-over-year.

• Equity increased to €189.2m as of June 30, 2026, up 8% from December 31, 2025.

• EPS for H1 2026 was €0.44 (diluted €0.43), up from €0.30 in H1 2025.

• Payroll costs increased 47.7% year-over-year, reflecting investment in human capital.

Outlook and guidance

• Business Activity Level as of August 31, 2026, was about 90% above the 2025 monthly average.

• ABCA Opportunities and ABCA Reversion funds delivered 26.0% and 36.8% returns YTD as of August 31, 2026.

• Targeting >10% returns for funds, >2% profitability on external AUM, and scaling ETP AUM to €250m+ over three years.

• Advanced discussions underway for potential new assets under management totaling €500m (probability-weighted), though timing and outcome are uncertain.

• IFRS 18 will be adopted in 2027, with no expected impact on net income or equity but changes in presentation.